The embryonic South African market recently saw its first corporate debt obligation issued to domestic investors. The initial R502 million ($72 million) offering - called Kiwane Capital Holdings - is backed by a portfolio of investment grade rated corporate debt with maturities of up to 10 years.

The SPV is managed by the joint venture company Kiwane Asset Management Ltd., set up by two South African investment banks, Genbel Securities and Real Africa Durolink. Over time the company will invest in more assets to build the program up to its target of R2 billion.

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